Nigeria in 1min: Economic, Business and Financial Headlines – 020719

Nigeria: A Nation
Pauperised by Tax Evasion - In 2017, the
World Economic Forum (WEF) ranked Nigeria 125 out of 137 countries in its
Global Competitiveness Report. The WEF survey found that Nigeria’s potential
for structural change was impeded by inadequate investment in infrastructure,
technology, higher education and innovation. Source NESG Read More

FG Clears N135bn PAYE Liabilities To States - The Federal Government has cleared the
N135.8bn Pay-As-You-Earn tax liabilities owed by federal Ministries, Department
and Agencies to state governments. The PAYE tax liabilities owed to various
state governments covered the period between 2002 and 2016. Source Punch Read More

New Tax ID: FG Directs CBN, Others To Synergise
With Joint Tax Board - The
Federal Government has directed the Central Bank of Nigeria, Nigeria Interbank
Settlement System, the National Identity Management Commission to cooperate
with the Joint Tax Board in the release of relevant individual records. Vice
President Yemi Osinbajo stated this while inaugurating the new National Tax
Identification Number Registration System on Monday in Abuja. Source Punch Read More

Oil Hits $66 On Cuts Signal - Oil surged to a five-week high on Monday
after Saudi Arabia and Russia signalled an extension of the non-members of the
Organisation of Petroleum Exporting Countries (OPEC+) output cuts and a United
States (U.S.)-China agreement to restart trade talks improved the demand
outlook. Source TheNation Read More

SEC Nigeria
Calls On Defunct Skye Bank Investors to Claim Dividends - The Securities and Exchange Commission, SEC,
has again re iterated it earlier directives to shareholders of defunct Skye
bank to claim their dividend payment. This the SEC said is part of its investor
protection programme and as well as ensure that shareholders get the benefits
of investing in the capital market. Source SEC Nigeria Read More

38
Million Nigerians Now Have Bvns, Says CBN
- Banks in the country have successfully linked 38 million accounts with the
Bank Verification Numbers, according to the Central Bank of Nigeria. As part of
its financial inclusion drive, the CBN said it was targeting 100 million BVNs
in the next five years. Source Punch Read
More

Afrinvest
Stock Recommendation For The Week 010719 - The local bourse rebounded last week as
investors took position in market bellwethers. As a result, the All Share Index
(ASI) rose 0.4% W-o-W to settle at 29,966.87 points while YTD loss improved to
-4.7%. Investors gained N50.9bn in value as market capitalisation increased to
N13.2tn. Source Afrinvest Research Read More

NSE Reveals
Results of Biannual Review of Market Indices - The Nigerian Stock Exchange (NSE) has announced the
results of the biannual review for the NSE and co-branded indices. The
composition of these indices after the review will be effective on Monday July
1, 2019. Source NSE Read More

Investors
Lose N155.23bn As Market Opens The Week Negative; NSEASI Dips By -5.78% YTD - Equities market closed today on a
negative note, as NSEASI depreciated by 1.18% to close at 29,614.61 points as
against 0.73% appreciation recorded previously. Its Year-to-Date (YTD) returns
currently stands at -5.78%. Source Proshare Markets Read More

Kayode Falowo Becomes President Nigerian- British Chamber of
Commerce (NBCC) - At
a brief ceremony held last week, Mr. Kayode Falowo, the Group Managing
Director, Greenwich Trust Limited, was installed as the 16th President of the
trade group. In his remarks, Falowo, who until recently was Deputy President of
the Chamber, set the tone for the agenda of the organization over the next two
years. He noted that “it is our desire to position the Nigerian-British Chamber
of Commerce as the premier bilateral Chamber in Nigeria.” Source NBCC Read More

Drilling Rigs Are Vessels And Subject To The Provisions Of The
Cabotage Act –
Federal High Court - The Federal High Court (the “FHC” or the “Court”), in the
case of Seadrill Mobile Units Nigeria Limited v The Honourable Minister for
Transportation & 2 Others[1] (the
“Seadrill Case”), has held that Rigs fall within the scope of the definition of
vessels under the Coastal and Inland Shipping (Cabotage) Act, 2003 (the
“Cabotage Act”). Source Ken Etim & Tunji Adeyemi of Banwo & Ighodalo Read More

Stakeholders
Explore Deepening Governance and Ethics In Nigeria At CBI 2019 Conference - Stakeholders at the 2019 Conference of the
Convention on Business Integrity, agreed that Nigeria must deepen Governance,
Leadership and Ethics if it is to experience a thriving economy. Source BukolaAkinyele
and NifemiTaiyese for Proshare WebTV Read More

Buhari, Access Bank MD,
Others Back Insurance Industry Recapitalisation - President Muhammadu Buhari, the Managing
Director, Access Bank Plc, Herbert Wigwe; the Director-General of the Budget
Office of the Federation, Mr Ben Akabueze, and other stakeholders in the
financial services sector on Monday backed the plan to recapitalise the
insurance industry. Source Punch Read More

OPEC Extends Output Cuts
Into 2020 as Marathon Meeting Ends
- OPEC will extend production cuts into 2020, attempting to buoy oil prices as
the world’s leading exporters fret about the outlook for global demand growth
and the relentless rise in output from America’s shale fields. Source Bloomberg
Read More

Banks To Tighten Criteria On Corporate Loans—CBN - TheCentral Bank of Nigeria, CBN, has said banks will tighten criteria for corporate loans in the third quarter of the year. The apex bank said the criteria include more collateral, stronger loan covenants and higher fees/commissions for corporate loans. Source Vanguard Read More

China's Huawei Awaits U.S.
Commerce Nod On Resuming Usage Of Google Android - China’s Huawei said on Monday it is awaiting
guidance from the U.S. Department of Commerce on whether it can resume using
Google’s Android mobile operating system on upcoming smartphones. Source Reuters Read More